Chicago Close: Soys Decline on Better Argentina Weather 

Improving weather in Argentina helped to send soybean futures to losses to end the week, while corn and wheat were both mixed. 

Argentina saw some of the best rains of the 2022-23 growing season last week and over the weekend, with amounts up to 2 inches in some cases, moisture the Buenos Aires Grains exchange said brought considerable relief to drought-plagued areas. More rain is expected over the next 10 days across the more northern and central production regions. March soybeans lost 14 cents to $15.09 ½, and new-crop November eased 1 ¼ cents to $13.51 ¼. 

The benchmark Chicago wheat market suffered declines on profit taking after three straight days of gains. March Chicago dropped 2 1/2 cents to $7.50. However, March Kansas City was up 4 ½ cents at $8.69 ¼, and March Minneapolis was up 3 ½ cents t $9.21 ½. 

The March corn contract ended the last trade day of the week with a fractional gain, but the new-crop contract was lower. March was up a ½ cent at $6.83 and December 2023 was down 2 ¾ cents at $5.67 ¼. 

Source: DePutter Publishing Ltd.

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